Bulls gain grip over stock markets; IT pack turns strong

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By S Jha

New Delhi, November 29: In line with the bullish sentiments, stock markets continued on Tuesday with gains, while losing the momentum in the afternoon. Dow Jones was almost flat in the later afternoon trade, while China sought to quell the widespread protests by unveiling an aggressive Covid-19 vaccination plan for the elderly population.

IT and metal scrips gained on Tuesday. IT scrips have been incrementally gaining for the last few days on the bourses. They remained firm on Tuesday also. There are indications that IT scrips may carry on with positive momentum, with leaders from the pack such as HCL technology, TCS, Infosys and a few others remaining firm. Technical chartists are claiming that the IT index may soon break out from the range in which it had been trading for several weeks.

Dabur, an FMCG, company came strong on the bourses on Tuesday after the company announced that it would soon be launching a direct to consumer platform. Dabur has been gaining grounds in the market with a growing basket of organic products. Dabur gained over six per cent on the bourses, and the scrip seems set for higher targets, as it moved along with the FMCG pack, including ITC, Hindustan Lever and Nestle all moved up.

Metal pack, which had been lagging the markets, came strongly. The likes of JSW Steel, Hindalco and Tata Steel gained over two per cent each. However, the metal scrips are being said to be trading within their range, and they are yet to break out. Reliance Industries and Hero Moto Corp continued on strong path, making good gains on Tuesday. While Reliance Industries, which had broken out on Monday, gave up most of the gains the in the last hour of the trade, Hero Moto Corps remained bullish.

The foreign institutional investors had a net buy of Rs 1242 crores. Their domestic counterparts had a net sale of Rs 744 crores. Among small cap, Jindal Worldwide made a gain of over six per cent. ICICI bank, which had been trending up for the past couple of days, was again a gainer on the bourses along with Bandhan Bank.

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